I'm just going to leave this here...  |
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Importantly, you'd have to avoid a pimp. Perhaps join a worker owned brothel.
Why? Who says you'd have to avoid a pimp? In essence, they merely provide protection to prostitutes in exchange for some amount of money. In fact, you could say that the prostitute is the employer and the pimp is the employee, in which case, prostitutes should be extra careful not to exploit their pimps. In fact, they should probably become partners with the pimp and split everything 50/50. |
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I've mentioned elsewhere that paper bitcoin notes could each have a public key that you could use to check that the bill was backed. The bill could also have a feature that would reveal the private key upon voiding the bill.
As for interest, don't charge it! Why would you, just because you can?
No, you charge interest because it is a key component of the coordination between present and future desires. I don't see why people keep calling Bitcoin deflationary, it's not. Prices today are chosen based on the amount of fiat currency some number of Bitcoin can buy. As Bitcoin becomes stronger with regard to fiat currency, it seems as if there is deflation, but there really is not. The money supply is increasing at a rate of 300 BTC/hour. Once prices are set primarily in BTC (when producers can buy raw materials with BTC), this "problem" will disappear. Bitcoin has a steady amount of monetary inflation, known by all in advance, which approaches zero. This will allow interest rates to be chosen that take this known inflation into account. I expect these rates will be much lower than today, if not negative. |
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I've written a piece of software called WalletBuddy that you may find useful. It's still very beta, but I use it daily (on my home computer and a USB drive) and have not had any major issues. The next thing I'm going to work on is making it much easier to complete the initial set up, but for now if you have any questions, you can post in that thread. |
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Like the constructors of the Titanic who made sure to include enough lifeboats?
There was no government safety regulation when the Titanic was built, or such regulation did not solve the problem? A more pertinent question is... are "unsinkable" ships still constructed today with insufficient life boats? If not, then it appears that the Titanic was a valuable lesson learned. |
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When a currency is made legal tender, everyone is legally required to accept it for the repayment of debt. This includes things like eating a meal at a restaurant, since the meal is gone by the time the check arrives, you are in debt and they are required to accept USD. However, if I'm buying a pack of cigarettes from the gas station, they can refuse USD and demand that I pay in gold or BTC, since I am under no obligation to complete the transaction.
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Devil is in the details. http://bitcoinpool.com/faq.phpQ: What happens if we solve a block with transaction fees on it? [TOP]
We keep them. Transaction fees are generally fairly small, and since we don't charge donations, we feel it's a small sacrifice to make in order to keep things Free™ I'm pretty sure all mining pools keep the transaction fees. Compared to the 50 BTC payout, they are basically nothing. Like taking from early shares to correct a PROBLEM is right
and What happened to the only 1% charge
free & equal seems better to me
You're free to use any one of the other pools. Also, you still make as little sense as I remember. |
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Are we really to believe individuals would have not build earthquake resistant structures in Japan but for the Japanese government?
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If you're talking about arbitrage (making money from currencies mispriced in respect to one another), then you have discovered nothing new. In fact, arbitrage is one way that those pricing errors get fixed.
So, good luck to you, I guess?
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You can't see xchanges in real time. Until they are added to the chain, they did not occur. Once added to the chain, the rate must change.
If for example, you are really interested in buy BitCoin, take a look at BitCoin Charts, buy foreign, sell local at MtGox, would be pretty profitable even though you would have to go from USD -> other foreign currency -> BitCoin -> USD at MtGox. The xchanges are not in sync, neither will they ever be in sync. Because with BitCoin, anyone can be an Xchanger.
You must be reliant on the data from Confirmed Blocks, anything that is not confirmed, didn't happen.
The whole concept of the Dark Pool was to avoid the Volatility that must occur in this system. So by its own definition, the "Rate" doesn't reflect the real "Rate" of exchange, because of the Dark Pools. People are getting Volume discounts based on amounts exchanged but that data is not fed into the system immediately.
Just take MtGox, can one buy in the Dark Pool for say 50˘ and sell in the open at 80˘ over an extended time. After a few of these transactions, you are well into the black and can afford to take bigger risks. Constantly being aware of a downward pressure due to the fact that more BitCoins are being "printed" but at a mathematical constant based on probability.
No, Market Makers are already here. And it doesn't take a degree in Economics to figure it out. But there is nothing "wrong" with it. It just isn't "Fair."
IMO, the best way to judge the value is by the flow of BitCoin (the # of transactions occurring). But this can be misleading because people can exchange BitCoins between their own clients. So the true flow, will have to be the the ratio of transactions to product purchases which means businesses will have to report their transactions to get a view of the value. Businesses will do this voluntarily to get an idea of how to price their products. "Game Theory". Illegal businesses won't report but rely on the ones that do, "The Prisoner's Dilemma."
You're still not getting exchanges like MtGox. All of those trades take place outside of the block chain, in a database operated by MtGox. When I sell you 100 BTC for $100, all that's taking place is an accounting record of that sale. Only when I withdraw or deposit BTC does the block chain become involved. I can't make this any clearer. |
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Traders are but a "node" on the network.
If one Xchange sees it before another, there is even more money to be made. Heck, there are even xchanges that aren't exposing themselves to the "market".
The Key to any Xchange, is the proportional amount of BitCoins to Currency being xchanged. If only 1% of all BitCoins are being Xchanged as compared to the amount of BitCoin - BitCoin Transactions, the Rate means nothing.
The nice thing is "anybody" can be an exchange, even off grid.
Your "Net" worth is nothing but the percentage of BitCoins you own compared to the # of BitCoins in existence.
No. Current exchanges operate "outside" of Bitcoin. I can see trades in real time on the exchange site, long before I'd be able to detect the trade in the block chain. This is because each exchanger basically has one wallet, with an internal accounting database (much like MyBitcoin). The only things that appear on the block chain from these exchanges are deposits and withdrawals in BTC. |
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Right Now, it would cost me $500,000 to have a 10% controlling interest in the market.
I very much doubt so. It might cost you 500$ to own about 0.01% of the total amount of bitcoins, but not 1,000 times more to own 10%. It is NOT proportionnal. I don't get it. There are 5 Million BitCoins in existence as of now, I could buy 10% (500,000) and that is assuming parity (which it isn't even at). So in reality it would take less than $500,000. 10% of 5 Million is 500,000. And then by simple manipulation, maintaining that 10% ration is not that hard just through buying and selling on the market. Especially with Dark Pools but even without them, transactions do not get confirmed to all nodes at once. It takes time, and as of now, a lot of time, for the transactions to reach all the nodes. It doesn't matter when nodes see the Bitcoin transaction, it only matters when traders see the exchange activity. That is what will cause the prices to drop, not transaction confirmations. |
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It's pretty much finalized, and in real world use (IIRC, mainly in phone UIs) [/quote] Ok. I'm playing around implementing this into WalletBuddy right now... When a bitcoin: URL is clicked, I'm queuing the payment and allowing the user to send queued payments when a wallet is open. Think it will be cool in the mean time. Any idea how Linux registers URL handling? |
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So, if I successfully take something that you produced, you won't mind? He's not making a value judgement. Any claim to ownership is worthless without the ability to protect that claim. |
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Is this a debate about the stickiness of property?
I supposed a property abandoned for really long period of time will be free to homestead. FatherMcGruder's view seems to be that if a piece of land or machinery is not in use, it is nobody's property and may be used by anyone. I just don't see this extremely short term property ownership working for everybody. Who determines when property is abandoned for long enough to be claimed? Can you, noticing that I haven't used my tractor in days (I'm in the hospital), take my tractor to your farm? |
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I have nothing against regulations, as long as there are several sets of them, and you can chose which one seems to you to be the most fair. I think a more important point is that regulation does not necessarily have to be statist regulation, and does not necessarily have to be enforced through violence. In fact, I would argue that statist regulation almost always ends up causing problems, not fixing them. |
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But if you can't improve on the current situation, then you must admit failure in that area. I'm still waiting for the libertarians and anarchists of this forum to explain how they would improve on the current situation. I can't tell you how things would be, for if I could, I would advocate centrally planned solutions. I can however tell you how things could be. The problem you propose could be solved by one of the many dispute resolution systems, one of which is poly-centric law. Poly-centric law is where no one entity can dictate the law for everyone. An individual must agree to the law in order to be bound by it. If you want to see an example of how this can work in today's world, look at international law. Each country has its own set of laws, and they resolve disputes between those legal systems in various ways. A stateless legal system could be similar, but I think would tend to operate with much less violence. |
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But if at any point along that path hoarders tighten too hard they'll drive goods and services out of this economy and put this process in reverse. They're not hoarding, they're saving. If there is "too much" saving, prices will get too high, and some people will sell. If they are unable to sell due to high exchange rates, their asks will come down. I guess I just don't see any problem here that won't be solved by market forces. I plan on hoarding some BTC, but I am also investing some into BTC companies and acquiring some more to sell to friends and spend on the BTC economy. As a "hoarder", it's in my best interest for the economy to become as big as possible, not just for me to hold as much BTC as possible. |
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Sorry, I misread. In the case of a cooperative society, if Bob gives Alice the product of his labor in exchange for anything less than she might turn around and sell it for, the he is either foolish (and Alice is taking advantage of his foolishness), a fetishist, or doing Alice a favor.
Or perhaps he does not wish to expend the time and effort to start a business himself, and wishes to use the resources Alice has made available to make some easy, risk-free money. Again, your proposed society and the ideology it embodies leaves no room for individual desires different from your own. Anyone who agrees to accept a wage is either a fool, and anyone who offers a wage is an exploiter. The idea that one party is putting themselves at much more risk, and both parties enter into the agreement willingly flies completely above your head. I would like to see you explain why Bob is being exploited, why he deserves to be paid "fairly" (at the same rate as Alice, who has more risk). You have provided no such explanation as yet, only that you know better than everyone else, including Alice and Bob. *actually, I agree he deserves to be paid fairly, but only Bob can make that designation |
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